Things you need to know when buying Real Estate in Italy
Living in Italy has captured the imaginations of many worldwide. Imagine owning Italian real estate. Italy is a popular immigrant and retirement destination, so the possibility of owning property is very much within reach. For those keen on moving to the land of pizza and pasta, here are the things foreigners need to know.
The Players Involved
Aside from the seller and buyer, there are few players involved when purchasing Italian real estate (https://www.bluehomes.com/Immobilien-Italien-kaufen-verkaufen/kat.html). Italy makes the process relatively simple. Foreigners keen on purchasing need to have a good registered real estate agent who of course speaks good English or whatever native language the buyer uses. Then there’s the notary, who is a requirement as he/she would be the one to close the deal. They’re usually lawyers and public officials. And yes, it’s best that they should be English speakers. For more complicated purchases, a lawyer would also be required in order to safeguard the buyer’s interests.
The Documents Required
When purchasing real estate, Italy requires the following basic documentary requirements.
A purchase proposal, which is the intent to purchase the property (handled by the agent). It also binds the seller to the owner once signed by both. Then there’s the notary requirements which include the ownership title, the property floor plan, building permits for properties built after 1967, the cadastral document, an energy certificate and the identification records of both buyer and seller. The preliminary contract is a binding agreement which specifies the agreed pricing and property details. It is also where the buyer pays the seller 10% of the property. Lastly, there’s the final deed of sale.
Of course, you’ll want to know the costs involved in the purchase of the real estate. Italy charges several taxes on property transactions such as 50 euros for land registry tax, 50 euros for cadastral tax, registration tax which is either 9% (vacation home) or 2% (permanent residence). Buyers will also have to pay 700 to 1000 euros for notary fees, agency fees which is equal to 3% or 4% of the property price. Other fees involved may include a surveyor fee, an interpreter fee, land taxes for agricultural properties, prelim agreement registration and 22% VAT of the mentioned fees.